South Korea Grants Kakao, KT-led Groups Online Bank Permits
World BusinessNov 29, 2015
South Korea gave preliminary approval for two groups -- one from the new economy and another from the old, and both with Chinese partners -- to set up the nation’s first Internet-only banks as the government seeks to reinvigorate a sector suffering from slow growth and slim margins.Kakao Corp., operator of Korea’s leading messaging app KakaoTalk, and KT Corp., the former government phone monopoly, were chosen from a field of three applications. A group headed by online retail operator Interpark